HR 2930 will finally legalize investment in small local businesses -- allowing you to take your investments out of Wall Street and into your local community.
A growing body of evidence suggests that small, local businesses are essential for growing jobs, incomes, equality, entrepreneurship, smart-growth, and green communities. But 99% of us are not permitted to invest in them.
The 1% who are millionaires (known under federal securities law as “accredited investors”) are free to invest in anything they choose. The rest of us are stuck with the slim pickings of the Fortune 500 public companies listed on Wall Street—the companies least connected to the well being of our communities.
But a remarkable coalition has emerged bringing together leaders of the Tea Party and the Obama Administration. They agree that this "investment apartheid" should be abolished. Patrick McHenry (R-NC) is leading the charge in the House to legalize small businesses raising money through large numbers of small investments (aka “crowdfunding”), with minimal paperwork, for companies raising less than $1 million. Recent changes in his bill (HR 2930) actually make it very similar to reforms President Obama proposed in his jobs package in September. The President has thrown his support behind HR 2930.
What's needed now is for the US Senate to step up in a bipartisan commitment to our local economies.
Please let your Senators know that you want them to break the chains that keep our investments – four times the amount of money kept in banks – from where they are most needed, our own communities.